Bush Industry gets $56.5 Million In Assed-Based Credit

Furniture World News

Bank of America Business Capital, one of the world’s largest asset-based lenders, announced that it provided a total of $56.5 million in senior credit facilities to certain U.S. and European operations of Bush Industries, Inc., a global manufacturer of business and consumer furniture. The asset-based financing will be used to refinance existing debt and will provide for growth and working capital requirements. Bank of America will also provide letters of credit as a separate U.S. credit facility. Bush Industries is majority owned by funds and accounts managed by investment advisor DDJ Capital Management, LLC. "A primary reason we selected Bank of America Business Capital as our lender was their ability to provide an international financial solution that included a separate credit facility for our German operations,” said Bush Industries CEO James L. Sherbert. “With this financing, we can continue to focus on building our business globally in a highly competitive marketplace.” “We were impressed with management’s ability to create operational efficiencies, strengthen reporting capabilities and enhance revenue growth,” said Bank of America Business Capital president Joyce White. “The client should now have the financial flexibility to expand its product line and diversify its customer base.” Headquartered in Jamestown, NY, Bush Industries, Inc. (www.bushindustries.com) designs, manufactures and distributes ready-to-assemble furniture, with particular attention to the office and home entertainment markets. The company sells through a variety of retail channels and holds a dominant leadership position in the office and electronic superstore channels. Bush Industries is comprised of three operating divisions: Bush Furniture North America, Röhr Bush in Germany and Color Works. The company operates manufacturing facilities in Erie, PA, Jamestown, NY and Mastholte, Germany. Based in Waltham MA, DDJ Capital Management, LLC (www.ddjcap.com) is a registered investment advisor specializing in distressed and high yield securities and special situation investing. DDJ manages approximately $3 billion and has a highly experienced team of 32 professionals, including financial, legal and trading personnel. Bank of America Business Capital is one of the world’s largest asset-based lenders, with 20 offices serving the United States, Canada and Europe. It provides companies with senior secured loans, cash management, interest rate and foreign exchange risk management, and a broad array of capital markets products. Capital markets and investment banking services are provided by Banc of America Securities LLC, member NYSE/NASD/SIPC, a subsidiary of Bank of America Corporation and an affiliate of Bank of America Business Capital. Visit www.bofa.com/businesscapitalnews for more information. Bank of America (NYSE: BAC) is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial products and services. The company's Global Corporate and Investment Banking group (GCIB) focuses on companies with annual revenues of more than $2.5 million; middle-market and large corporations; institutional investors; financial institutions; and government entities. GCIB provides innovative services in M&A, equity and debt capital raising, lending, trading, risk management, treasury management and research. Bank of America serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Many of the bank's services to corporate and institutional clients are provided through its U.S. and UK subsidiaries, Banc of America Securities LLC and Banc of America Securities Limited. For additional information, visit www.bankofamerica.com